来源：格隆汇APP 格隆汇10月30日丨四环医药(00460.HK)发布公告，集团已与美国生物技术公司Abalone Bio("Abalone")正 式签署合作协议。根据协议约定，双方将在全球范围内开展协作，共同推进新一代肥胖治疗创新药物的 研发工作。 该研发项目核心目标为，通过靶向启动代谢相关G蛋白偶联受体(GPCRs)，实现安全、有效的能量消耗 提升，同时达到肌肉量保持或增强的效果，旨在解决当前减重疗法存在的局限性，满足全球肥胖治疗领 域尚未被充分覆盖的临床需求，推动该领域治疗方案的优化与升级。 此外，本次合作亦为集团深化GPCR靶点领域布局的重要举措。在此之前，集团已参与对英国牛津DJS Antibodies公司的投资，该公司核心业务为基于自有技术平台开发GPCR靶点抗体，其技术价值与研发实 力已获行业认可，并于2022年被AbbVie以2.55亿美元现金完成收购，相关投资经验亦为集团在GPCR领 域的持续布局提供参考。 GPCRs属于庞大且动态的膜蛋白家族，其活性调控对结构变化的精准度要求极高，因此，针对此类受体 的启动型抗体研发，长期以来为制药行业公认的技术难点。Abalone凭藉其独有的功能性抗体 ...

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短期看好板塊 今日市場焦點 每日港股評析 港股早晨快訊 2025 年 10 月 282012 日星期二 -01-17 市場回顧 中港股市短期展望 恒指守 25,000 點：聯儲局主席鮑威爾在全球央行年會上表示，風險平衡 轉變可能需要調整政策立場，同時美國就業數據轉弱，減息預期升溫。惟 聯儲局 9 月鷹派減息，2026 年減息空間少於預期。美國關稅寬限期即將 在 11 月屆滿，中美進入新一輪角力期，大市波動性加劇。內地第三季經 濟進一步降溫，十五五規劃提出擴大內需及促進科技自立自強，方向符合 預期，後續留意其他重要會議以跟進政策落地情況。基於短期內港股企業 盈利難有明顯改善，中美貿易戰局勢反覆多變，及美聯儲減息路徑未明， 在中美元首會面前，料大市走勢未有明確方向，恒指守 25,000 點，相當 於未來 12 個月預測市盈率 12 倍。 ➢ 匯控(0005)、中國平安(2318)、中銀香港(2388)等業績； 宏觀焦點 ➢ 特朗普:即將與中國達成貿易協議，重申明年訪華； 中國9月規模以上工業企業利潤按年增21.6%，首三季增3.2%； 中證監：將啟動深化創業板改革，全面優化融資融券監管制度； 李雲澤：圍繞擴大內需 ...

Market Overview - The Hang Seng Index is expected to hold at 25,000 points, reflecting a forecasted P/E ratio of 12 times over the next 12 months, amid concerns over U.S.-China relations and domestic economic performance [2] - The U.S. Federal Reserve's recent hawkish stance on interest rate cuts has led to reduced expectations for future rate reductions, impacting market sentiment [2][4] Company News - Seres is reportedly planning an IPO in Hong Kong, aiming to raise between $1.5 billion and $2 billion, with a focus on expanding marketing channels and enhancing global brand recognition [9] - JD.com has seen a nearly 48% year-on-year increase in active users since the start of its "Double 11" shopping festival, indicating strong consumer engagement [9] - ZTE has successfully shipped its automotive-grade chip, the Han域 M1, which is designed for next-generation automotive electronic architectures [9] - BYD is considering establishing a manufacturing facility in Spain due to lower production costs and a clean energy network [9] Industry Insights - The Chinese automotive market reported a 14.9% year-on-year increase in sales for September, with new energy vehicle sales rising by 24.6% [8] - The International Monetary Fund (IMF) has expressed concerns over China's economic outlook, emphasizing the need for a shift towards domestic demand due to weak export growth [8] - The oil market is facing a more severe oversupply situation than previously anticipated, with global oil supply expected to increase significantly while demand growth remains sluggish [8]

据卖方告知，目标公司为于2025年7月于英属处女群岛注册成立有限公司。其附属公司从事应用及开发 人工智慧平台与软件业务。公司为于开曼群岛注册成立并于香港联交所主板上市公司。公司及其附属公 司主要业务涵盖物业营运业务。董事认为，可能收购事项将为公司带来多元化发展现有业务的良机。 Golden Might Limited为于2025年5月于英属处女群岛注册成立有限公司。其主要业务为投资控股。 格隆汇9月29日丨锦艺集团控股(00565.HK)公告，于2025年9月29日，公司全资附属公司Golden Might Limited与卖方Ivan Ku Yee Ann及黄浩贤就可能收购目标公司Nexovia Terra Limited若干或100%股权可能 收购事项订立谅解备忘录。其中一名卖方为公司关连人士。 ...

Market Overview - The US stock market reached new highs, with the three major indices hitting record levels on the "quadruple witching day" [9] - Global equity funds attracted $68.4 billion, the highest since December of the previous year, with $57.7 billion flowing into US equity funds [11] - Emerging market funds saw inflows of $7.6 billion, marking the highest since May [11] - The 10-year US Treasury yield rose to 4.147%, reflecting market concerns about inflation [9] - Gold prices strengthened, closing up 1.12% near the day's high [9] Investment Strategies - The report recommends prioritizing investments in leading companies within the "artificial intelligence and semiconductor" sectors due to the growing demand for AI [9] - For fixed income, it is suggested to reduce holdings in US Treasuries and shift towards investment-grade corporate bonds (IG) and floating-rate notes (FRN) [9] - A recommendation for structured products includes "dual-leverage linked notes" tied to major commodities (such as oil and copper) to capture price fluctuations [9] Company Highlights - Sanofi reported Q2 net sales of €9.994 billion, a year-on-year increase of 10.1%, with earnings per share rising by 8.3% to €1.59 [24] - FedEx Corporation announced an increase in revenue and profit guidance for FY2026, driven by higher volume in its priority delivery service and cost-saving measures [25] - The report highlights the strong performance of the company 创科实业 (Techtronic Industries), which achieved a record revenue of $7.833 billion in H1 2025, with net profit growing to $628 million and a gross margin improvement to 40.3% [21] - 京东 (JD.com) has formed a strategic partnership with China Resources to open its first physical store in Hong Kong by 2026, focusing on international and mainland tech brands [13] Economic Data Releases - Key economic data releases include the M3 money supply in Switzerland, unemployment rate in Taiwan, and consumer price index in Hong Kong, all scheduled for September 22, 2025 [19]

Market Overview - The Nasdaq index rose by 1%, with Google shares increasing over 9%, reaching a historical high [8] - Spot gold surpassed $3,550, indicating a continued rise in safe-haven demand [8] - The 30-year U.S. Treasury yield approached 5% before retreating, while the 10-year yield was at 4.199% [8] - Southbound capital net purchased Hong Kong stocks worth $5.5 billion, with Alibaba seeing three consecutive days of increased holdings [8] - The Hong Kong PMI rose to 50.7 in August, indicating a significant improvement in the business environment [12] Company Focus - **Siengene (2096)**: Reported total revenue of RMB 3.585 billion for the first half of 2025, a year-on-year increase of 15.1%. Innovative drug revenue accounted for over 75%, growing by 26% [20] - **China Petroleum Engineering (2386)**: Achieved revenue of RMB 31.559 billion in the first half of 2025, a 10.1% year-on-year increase, with net profit reaching RMB 1.388 billion, up 4.8% [20] - **Longi Green Energy (6869)**: Revenue increased by 19.4% year-on-year, driven by strong overseas market demand, with overseas revenue growing by 52.8% [20] Economic Data - U.S. factory orders decreased by 1.3% month-on-month in July, with durable goods orders revised down by 2.8%, aligning with expectations [10] - The U.S. JOLTS job openings for July were reported at 7.181 million, lower than expected [10] - The U.S. trade balance for July showed a deficit of $77.9 billion [18] ETF and Stock Recommendations - **Gold ETFs**: Recommended for allocation due to strong safe-haven demand, with options like GLD or IAU [8] - **Alphabet Inc. (GOOG)**: The U.S. court ruling allowed Google to retain its Chrome browser, providing a short-term price increase opportunity [22][23] - **Adobe Inc. (ADBE)**: Actively integrating AI into core products, with over 35% of Photoshop subscribers using generative AI features, indicating a positive impact on user engagement [24][25]

德林控股(01709)发布公告，于2025年9月16日，本公司与目标公司Carmel Reserve LLC订立认购协议， 目标公司有条件同意向本公司(或其代名人)发行及配发，而本公司则有条件同意认购(或促使其代名人认 购)认购权益，相当于目标公司现有已发行B级成员权益约15.10%及经认购事项扩大后目标公司已发行B 级成员权益约13.12%，代价约为1032万美元(相当于约8052万港元)。 据董事所知、所悉及所信，该项目占地891英亩，规划兴建73栋定制住宅，位于注重环保的门禁社区， 坐拥海景和山景，由国际知名建筑师设计。" ONE Carmel"旨在满足全球对超豪华、可持续生活空间日 益增长的需求，尤其迎合高净值人士对黄金地段独特传世豪宅的追求。该发展项目采用现代化设计，配 备会所、马术中心和广阔步道等顶级设施，引入尖端光纤技术，与当代生活方式和投资趋势高度契合。 董事会认为透过增加目标公司的股本权益，本集团将提高从该项目获得潜在长期资本增值及利润分配的 机会。此举亦符合本集团拓展美国房地产市场版图及多元化资产基础的策略，与现有的投资及家族办公 室业务形成互补。 整体而言，董事会认为认购事项将透过该项目 ...

智通财经APP讯，德林控股(01709)发布公告，于2025年9月16日，本公司与目标公司Carmel Reserve LLC订立认购协议，目标公司有条件同意向本公司(或其代名人)发行及配发，而本公司则有条件同意认 购(或促使其代名人认购)认购权益，相当于目标公司现有已发行B级成员权益约15.10%及经认购事项扩 大后目标公司已发行B级成员权益约13.12%，代价约为1032万美元(相当于约8052万港元)。 于完成后，本公司将于目标公司经认购事项扩大后的已发行B级成员权益中直接或间接拥有约32.97%权 益。 董事会认为透过增加目标公司的股本权益，本集团将提高从该项目获得潜在长期资本增值及利润分配的 机会。此举亦符合本集团拓展美国房地产市场版图及多元化资产基础的策略，与现有的投资及家族办公 室业务形成互补。 整体而言，董事会认为认购事项将透过该项目所产生的财务回报，为股东带来可持续价值。鉴于以上所 述，董事(包括独立非执行董事)认为：认购协议的条款乃按一般商业条款订立，对本集团而言属公平合 理;及订立认购协议符合本公司及其股东的整体利益。 董事会认为，认购事项为本公司加深对加利福尼亚州卡梅尔山谷知名豪华住宅 ...

Group 1 - The core viewpoint of the article highlights the stable performance of China Telecom, with a year-on-year increase in revenue and profit, despite macroeconomic challenges [4] - China Telecom's mid-term revenue reached 271.4 billion RMB, up 1.3% year-on-year, while profit increased by 5.5% to 23 billion RMB [4] - The company declared an interim dividend of 0.1812 RMB per share, reflecting an 8.4% year-on-year growth [4] Group 2 - Service revenue for China Telecom was 249.1 billion RMB, marking a 1.2% year-on-year increase, with mobile communication service revenue at 106.6 billion RMB, also up 1.3% [4] - The company reported an EBITDA of 80.6 billion RMB, a 4.9% increase year-on-year, with an improved EBITDA margin due to effective cost control [4] - China Telecom's mobile user base reached 433 million, while broadband users totaled 199 million, indicating stable growth in user acquisition [4] Group 3 - Management plans to implement a comprehensive cloud transformation strategy, focusing on innovation and the integration of traditional and digital services [4] - The outlook for traditional telecom revenue is optimistic, with expectations for stable growth in Average Revenue Per User (ARPU), which remained steady at 46 RMB for mobile and 48.3 RMB for broadband [4] - The overall market sentiment remains positive, with expectations for the index to challenge resistance levels, supported by favorable corporate earnings [3]